Can You Trade In a Financed Car?
Can you trade in a financed car? Yes, but there are some things to keep in mind when trading in a financed car in the area. The process requires a little research, and luckily, Jackson Family of Dealerships is here to help. Wondering how does trading in a financed car work? We’ve got you covered, learn everything you need to know about the financing process, and stop by Decatur to trade in a financed car for a lease today!
How Does Trading in a Financed Car Work?
Trading in a financed car involves some basic math. The price of your trade-in will influence the price of your next car, so you’ll need to gather some information. Let’s find out the answer to, “How does trading in a financed car work?” below:
- An important step when trading in a financed car is figuring out how much you owe on your loan. You can check your last bill or call the lender to find out.
- How much is your current car worth? You can utilize our Value Your Trade calculator to get a quick estimate for the area.
- If the amount that you owe on your loan is less than the value of your car, you’re in a fortunate spot. Let’s say you owe $4,000 on your car and the dealership offers you $5,000. That means you get $1,000 to spend toward your new car.
- If the amount that you owe on the loan is more than the value of your car, you have options. You can pay off the loan or you can roll it over.
What is Rolling Over a Loan?
When you roll over a loan, it means that the dealership will pay the rest of your loan, no matter how much you owe. However, there’s a catch. Though the dealership pays off your lender, you still have to pay the dealership back. That means you will end up paying both the old loan and your new loan when you purchase your new vehicle. Nevertheless, you do get the added convenience of getting the car you want immediately to tackle your travels.
Find Out More with Jackson Family of Dealerships
Now that you know the answer to, “Can you trade in a financed car?” Are you ready to trade in a financed car for lease or loan at Jackson Family of Dealerships? Our financing experts are ready to help. Contact us today at Jackson Family of Dealerships for more information about your options, or stop by one of our locations to meet with our financial experts.
We can help you find the right car at the right price to tackle your Decatur adventures, and you can even shop our inventory online! We look forward to helping you trade in your financed car for a lease or loan.
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455 E. Pershing Road • Decatur, IL 62526
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